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The Dogecoin (DOGE) has seen a rebound after it went back to the $0.11 level, an important psychological mark. The past 24 hours have shown an increase of 2.84% that is considered as a substantial recovery from its recent lows and could be indicative for a potential market sentiment shift from bearish to bullish
On the daily chart for Dogecoin, there has been a steady rise in price from recent lows of $0.1090 to current trading price at $0.112848 which suggests that market sentiment is positive and backed by increased trade volumes implying active participation among traders.
The RSI presently stands at 43.02 which is considerably moderate. The RSI for Dogecoin shows that there is still room for an upward movement before the oversold territory can be reached, which means this rally may continue.
MACD shows MACD line (-0.00172) below the signal line (-0.00068), but with a narrowing gap, which could be suggestive of possible bullish crossover in near future forming strong buy signals for technical traders. As evident on the most recent candlesticks, bulls are in charge of prices as they close higher than they open indicating buying pressure.
Dogecoin managed to break above the previous resistance level of $0.110 thus turning it into new support area. If prices drop down towards this line, we expect it to hold firm thereby preventing additional declines beyond. On the upside, the next key resistance lies around $0.1150 levels. Should this barrier be conquered, DOGE would then target higher price points like $0.15.
Dogecoin (DOGE) recently experienced significant activity on-chain largely driven by its whale investors. Into The Block’s latest data reveals over eight times net inflows by the market’s big players into their wallets as far as Dogecoin is concerned. This significant change from a negative net flow to 364.38 million DOGE in a day’s time indicates a strong demand for the coin and bullish sentiment among larger investors. One would expect that with such inflow, there must have been some large buying efforts during recent price drops which often go hand in hand with intense market movements.
The overall market behavior, characterized by growing trading volumes and market capitalization, has also seen a similar trend of major whale purchases. The metric net inflow is particularly important because it shows the activity of investors holding over 0.1% of DOGE’s total supply who are currently adding to their portfolios. The historical record of these whales’ increased buying interests corresponds to lows in the markets which provides an attractive buy signal and could help stabilize prices during times of high volatility. Whale activity has risen amid mounting optimism surrounding the Dogecoin market outlook and suggests a sustained upward trend going forward.
